A web video blog about lifestyle design, passive income, real estate, vending machines, used cars, and eustress challenges. This episode is all about our team.
Runtime: 24:40
A quick rundown of the episode:
- Welcome to Episode 24.
- We bid on a used car in a live online auction.
- We introduce and have a conversation with Diane Brewer our amazing Office Manager.
- We introduce and have a conversation with MCE, video genius, and now car salesman extraordinaire.
- BOOB update – We complete the “Water balloon fight with a stranger” challenge
- Chalk Talk – Help us get some press for The Ren Men Show – Oprah are you listening?
- Wrap-Up – A team of All-stars is essential!
{ 30 comments… read them below or add one }
Pretty sweet watching the auction! Its awesome to meet the rest of the crew! Stinks you didn’t win it this time!
Another stellar episode! Great to see other all stars brought/forced on the show. Enjoyed the segment on systems. I have been putting them in place at my job and I get less calls about silly little things that can be taken care of without me.
Well, I was almost off the bench this past weekend. The coach yelled my number, I got my helmet and bat and was warming up in the batters box, but at the last second I was called back. Almost there, I will live to fight another day.
Auto Group Ideas:
I have none! I am the least creative person in the world.
Chalk Talk:
My connections are limited to San Antonio and surrounding areas. Seems like you want to go a little more local than that right now.
Interview idea:
a tenant of yours. Of course they will probably say good things, but maybe a renter that has been with you for awhile and they can talk about their experiences with your company, or a previous renter who wouldn’t be as intimidated. Just a thought.
Great ideas, thanks Z…let us know when you get off the bench! We are rooting for you…
Sorry about typing, still getting used to iPhone
Really enjoyed the episode! Great to see some more of the people that make things happen behind the scenes. Congrats on completing my favorite B.O.O.B. challenge to date, keep it outrageous guys!
One thing I’ve noticed that you guys do well is creating memorable catch phrases. Now if I’m ever procrastinating I remind myself to “get off the bench”, and during the car commercials I’m always anticipating Crazy Willy’s “did we get it?”
I’ve been wondering since Episode 21 – how did you come in contact with Willy and what went into working him into the show?
We came in contact with Willy through the Ren Men Show…he wanted to be a part of the show, so we’d figure we would hook him up…Wheelin’ and Dealin’ Willy…
Good episode. I read Crush It and Cashflow Quadrant last week. I’m now reading 4HWW. There is some interesting info in there. I have a hard time with Timmy Ferris because he comes off as a jerk with some of tactics. It seems like people don’t matter to him. It’s no wonder that he’s still single. No woman would be good enough for him or no woman would put up with him.
Anyway, all three books share a common theme. Pursue your passion and setup systems that let cash flow to you rather than wasting your time in the 9-5 rat race.
I started a video blog thanks to Crush It and am discontinuing contributions to the 401K thanks to Cashflow Quadrant.
Micah,
I have read “Cashflow Quadrant, but it’s been many years now since I’ve picked it up. does Kiosaki suggest discontinuing 401k contributions? I’m not against it, but would still encourage people to contribute the amount matched by employers – 100% match (for that first 3-5%) is 100% profit without any real effort. Naturally, that advice doesn’t apply if your employer doesn’t match contributions, in which case, it’s time to consider whether your employer is willing to ‘invest in you’. and your future
Cheers,
Matt
Well, he doesn’t explicitly say to not contribute to 401K because you’re right, if employers match it’s free money. He only talked about how 401Ks are for stupid people who aren’t willing to learn to invest and that they’re all about diversification, which he is absolutely opposed to. You limit your losses but you also limit your gains.
My 401K isn’t actually a 401K. It is a investment savings account and I can’t withdraw the balance until I’m 70 1/2! So yes, the company does match up to 4% which makes the decision harder but ultimately it comes down to finding ways to invest that money to generate cashflow (ie start a business, vending machines, used cars, rental properties). It’s all about getting off the bench. 401Ks are for bench warmers.
Wow, an investment vehicle that won’t let you access the funds without penalties until 70 1/2? Just in time to buy that fancy walker you’ve had your eye on, eh?
I’ve been very fortunate to work for generous employers with top knotch retirement plans that make the investment worth while, but I’ve also diversified by owning multiple properties and businesses, being a consultant, and finding other places to store my money. Like most things in life, it’s all about balance to me – But there are those who will say you can’t win big unless you bet (or risk) big. I’m somewhere in the middle.
Nice chatting with you,
Matt
We’ve heard people say that about Timmy and his tactics…If those tactics do bother you, just ignore them and move onto something else…there are so many great things in his book, just find something that applies to your situation…congrats on the video blog…good luck on the pull-up…
Good time for Diane to ask for a raise
When are you expecting the car business to get to zero (revenue == investment)
Keep up the good work.
We’ll give the Auto Group around 8-12 months before we reach ‘zero’…as of today we have sold 8 cars…slowly but surely…
Sweet episode, fellas (that includes you, MCE). Asking me for advice on Ren Auto Group shows the level of your desperation. Even so, here’s what I think:
1. Flip the cars fast
2. Take full advantage of eBay and Craigslist
3. Don’t try to retire off of each sale. Make a little money off of a lot of sales.
4. Don’t be typical. True for any business, but especially for car sales. I hate shopping for cars because of the antics typical car dealers pull. That’s why I’ve turned primarily to eBay and Craigslist.
5. Think globally. Not to belabor the point, but with eBay and Craigslist, your market is the world (or at least North America).
6. Also think locally. Couple your local sponsorships (little league, art fairs, neighborhood festivals, etc) with hands-on involvement. Maybe Crazy Willie can sling lemon smoothies at the next event you sponsor.
7. $100 coupons to the high school driver’s ed classes in the area.
8. Get involved with local teen driver safety program. If one doesn’t exist, start one.
9. First-time car buyer discount
10. Become the “go to” car dealer for high school students (actually, parents of high school students) throughout the County.
That’s all I’ve got. I’m exhausted and need a nap.
P.S. — Crazy Willie is really Grant? Man, who knew?
1. Flip the cars fast — Check
2. Take full advantage of eBay and Craigslist — Check
3. Don’t try to retire off of each sale. Make a little money off of a lot of sales. — Check
4. Don’t be typical. True for any business, but especially for car sales. I hate shopping for cars because of the antics typical car dealers pull. That’s why I’ve turned primarily to eBay and Craigslist. — Check
5. Think globally. Not to belabor the point, but with eBay and Craigslist, your market is the world (or at least North America). –1/2 Check
6. Also think locally. Couple your local sponsorships (little league, art fairs, neighborhood festivals, etc) with hands-on involvement. Maybe Crazy Willie can sling lemon smoothies at the next event you sponsor. –Check
7. $100 coupons to the high school driver’s ed classes in the area. –Check (I-touch instead?)
8. Get involved with local teen driver safety program. If one doesn’t exist, start one. –Great idea, will be working on it…
9. First-time car buyer discount — Check
10. Become the “go to” car dealer for high school students (actually, parents of high school students) throughout the County. — Check, going to ‘give away’ a car.
That’s all I’ve got. I’m exhausted and need a nap.
P.S. — Crazy Willie is really Grant? Man, who knew? No one…
Lou,
Thanks for all your great ideas…we really appreciate them…
Alan –
I saw the Cubs bobblehead. Sweet! Go Cubs!
Lou
Word up!
Great show guys.
MCE….you’re a champ! Move some cars baby!
-Sunny
Nice episode. I liked Lou’s ideas especially #8 about a teen driver safety program.
Ren Auto Group site looks good!
Ideas:
1. Add a ‘click to call’ widget to the auto site that shows up on each page so a visitor casually looking at your inventory can convert into a lead. More info: http://www.google.com/support/voice/bin/answer.py?hl=en&answer=115128
2. Cross-market services between your businesses (if you aren’t doing this already). For example new tenants moving into one of your houses receive a pamphlet about the auto group in their welcome packet.
3. Offer free vehicle appraisals / offer to purchase like carmax does. Advertise that on craigslist and signage. You don’t have to buy their car but its a good opportunity to get warm leads of people serious about getting another car.
Mark,
Thanks for the fantastic ideas…we will look into the click to call widget…thanks again…
Mark got me thinking about another idea. In Wisconsin, there is a program for low income people where the state will give the person a voucher for a vehicle. I don’t know the price limit of the car or the qualifications of the program, but it is designed to give people receiving state aid a reliable means of transportation so they can get/hold a job.
Since you are already dealing with some Section 8 tenants, you may already have a relationship with people who qualify for the program…assuming Ohio has such a program. MCE, get on that right away!
Thanks, we’ll look into it…
Grant and Alan,
Ok, first off – How do I compete with Lou Mindar’s outstanding list of ideas for the Ren Auto Group…Man, he not only brought it, he put some ideas forth that motivated me to think further about the concept. Here’s what I came up with:
1. I personally would try to avoid the really high mile cars (the 200k milers) – You run the increased risk of something significant going wrong (engine, transmission, etc.) to a car right after you sell it, and if you are sincere about customer service, you’d offer that purchaser a return or trade of equal value to what they spent originally (likely within a 90 day period).
2. I agree with Lou, if I were MCE, I’d avoid the “We’ve never done this before…Let me talk to my manager” lines. MCE should have all of the required information to know if a deal is profitable while standing on the lot; he shouldn’t have to consult with anyone to seal the deal.
3. I would ensure that MCE has a wireless enabled device (perhaps an iPhone) that links to the information mentioned in item 2 above. He shouldn’t have to look at paper to give all of the specifics and he should be able to conveniently identify how much has been invested in a particular car (detail, service work, etc.) real-time.
4. Also dug Lou’s local considerations, sponsorships and the like. If you still have space in your lot and a lot of drive-by traffic, make the space available to high-school group car-wash fund raising events.
5. Try to determine how you might be able to attract foot traffic off of the walking trail near by – Something like a little sign that reads “Get there faster in a Ren Auto vehicle” or “Wouldn’t you rather be driving?” or “Take a break in one of our Air Conditioned vehicles”.
6. Focus on getting quality, desirable inventory for MCE to hock. His job will be easier if the cars are what the market is seeking. Parents want a safe, reliable car for their kids – Consumer Reports could be a good place to explore those type of characteristics.
7. Add a video to your site to tell people about your dealership, what makes you special and unique, what your philosophy is (customer first type stuff).
8. Join the Better Business Bureau and display their logo on your website.
9. Work with the local paper to get some press – “Local serial entrepreneurs start auto dealership” – Then add a “recent news” or “in the press” section to your website to display the link(s).
10. Work with your network to identify a mentor who has owned a successful dealership to determine what has worked for him/her.
11. Add a link to your site for those who want to become Facebook (or Twitter) fans.
12. Publicize the fact that you are willing to buy vehicles from the public with or without trade-ins. You might find some good deals without even going to the auction.
Chalk talk – In my old company, we leveraged a publicist to help us line up press. The key is to find someone who has contacts in the area you want to target (business, entrepreneur publications, etc.) I’d talk to local business owners to see if you can find a good local rep to support the need, then you’ll want to focus on your area of expertise. You may write one article on vending, placements and cash collections, and another article on real estate and rentals. You have several avenues that could be targeted, but the key is being specific enough to be able to generate several unique offerings to a variety of press sources (radio, newsletters, speaking at conventions, newspapers, etc.)
BTW: Dug the balloon fight. Classic! Also, it was nice to see Diane and MCE.
Cheers,
Matt
Great great stuff…thanks…we have had so many contributions and great ideas from you…keep them coming…
Had another thought for your auto lot – If you have sufficient space, you may want to host a cruise-in (hot dogs and burgers anyone?) Perhaps you offer your spare lot sapce for specialty car owners groups (like Corvette Club or Viper Club) to meet at your facility. It could be a good way to get some local press…Advertise the event, take pic’s of the event and post them on your website.
Have fun in New York boys,
Matt
That is a great idea, thanks Matt!
I´ve been watching the episodes for the past two weeks. You are great, I am a RenMenian !! I am writing from Uruguay in South America, we are in touch guys. bye bye.
Uruguay! We are officially in South America, thanks for the comment, Ignacio…
You guys are mental…I *think* in a good way although I’m not 100% sure. Passion is killer! (and your vids makes me as Brit feel even more ‘reserved’!
)
Ha! I think that is a good thing? Thanks for watching…